Common use of Right to Terminate Lease Clause in Contracts

Right to Terminate Lease. Tenant shall give immediate notice to Landlord in case of fire or other casualty in the Premises. If (a) so much of the Building is damaged or rendered untenantable (whether or not the Premises or a portion thereof shall be damaged) by fire or other cause that Landlord shall determine not to restore the same or to demolish the remainder thereof; or (b) if the Premises shall suffer damage or be rendered untenantable by fire or other casualty and Landlord shall determine (i) that such portion of the Premises cannot be reasonably expected to be restored or rendered tenantable under a normal working schedule within a period of eighteen (18) months after the occurrence of such damage or destruction or (ii) that each Overlandlord and Mortgagee will not permit Landlord to apply the net proceeds of Landlord’s insurance to the restoration of the Building or the Premises, then and in any such event Landlord shall have the right to terminate this Lease by notice to Tenant given within ninety (90) days of the occurrence of such fire or other casualty. If either (y) the Premises shall be totally or substantially damaged or rendered wholly or substantially untenantable (whether or not any other portions of the Building shall be damaged) or (z) the Building shall be substantially damaged, so that Tenant’s access to and use and enjoyment of the Premises shall be rendered substantially impossible, whether or not the Premises shall be damaged, and in case of either (y) or (z) Landlord determines that the same cannot reasonably be expected to be restored or rendered tenantable under a normal working schedule within a period of eighteen (18) months after the occurrence of such damage or destruction, then Landlord shall promptly notify Tenant of such fact, and within thirty (30) days thereafter either Landlord or Tenant may terminate this Lease by notice to the other party. If during the last year of the Lease Term the Building or the Premises shall be damaged by fire or casualty, and if such fire or casualty damage, whether to the Premises or the Building, cannot reasonably be expected to be repaired or restored within one hundred eighty (180) days from the time that repair or restoration work would commence or prior to the Expiration Date, whichever first occurs, then Landlord or Tenant shall have the right, by giving notice to the other not later than thirty (30) days after the occurrence of such damage, to terminate this Lease. If either Landlord or Tenant shall give notice of termination pursuant to this Section, the Lease Term shall expire by lapse of time upon the date which is thirty (30) days after such notice is given and Tenant shall vacate the Premises and surrender the same to Landlord. Upon the termination of this Lease under the conditions provided for in this Section, Tenant’s liability for rent shall cease as of the date of such termination, subject, however, to abatement thereof between the date of such casualty and the date of such termination pursuant to Section 12.3 below. Tenant hereby expressly waives the provisions of Section 227 of the Real Property Law or any like law which may hereafter be enacted and agrees that the foregoing provisions of this Article shall govern and control in lieu thereof, this Article being an express agreement governing any case of damage or destruction of the Premises by fire or other casualty.

Right to Terminate Lease. Tenant shall give immediate prompt notice to Landlord in case of fire or other casualty in the Premises. If (a) so much of the Building is damaged or rendered untenantable (whether or not the Premises or a portion thereof shall be damaged) by fire or other cause that Landlord shall determine not to restore the same or to demolish the remainder thereof; or (b) if the Premises shall suffer damage or be rendered untenantable by fire or other casualty and Landlord shall reasonably determine (i) that such portion of the Premises cannot be reasonably expected to be restored or rendered tenantable under a normal working schedule within a period of eighteen twelve (1812) months after the occurrence of such damage or destruction or (ii) that each Overlandlord and Mortgagee will not permit Landlord to apply the net proceeds of Landlord’s insurance to the restoration of the Building or the PremisesPremises and any such refusal to grant permission shall not have been occasioned or permitted by reason of a default by Landlord under any Mortgage or Underlying Lease unrelated to a default by Tenant under this Lease, then and in any such event Landlord shall have the right to terminate this Lease by notice to Tenant given within ninety (90) days of the occurrence of such fire or other casualty, provided that Landlord shall not terminate this Lease pursuant to the foregoing clause (ii) if Landlord in fact restores the Building. If either (y) the Premises shall be totally or substantially damaged or rendered wholly or substantially untenantable (whether or not any other portions of the Building shall be damaged) or (z) the Building shall be substantially damaged, so that Tenant’s access to and use and enjoyment of the Premises shall be rendered substantially impossible, whether or not the Premises shall be damaged, and in case of either (y) or (z) Landlord determines that the same cannot reasonably be expected to be restored or rendered tenantable under a normal working schedule within a period of eighteen twelve (1812) months after the occurrence of such damage or destruction, then Landlord shall promptly notify Tenant of such fact, and within thirty (30) days thereafter either Landlord or Tenant may terminate this Lease by notice to the other party. If during the last year of the Lease Term the Building or the Premises shall be damaged by fire or casualty, and if such fire or casualty damage, whether to the Premises or the Building, cannot reasonably be expected to be repaired or restored within one hundred eighty ninety (18090) days from the time that repair or restoration work would commence or prior to the Expiration Date, whichever first occurs, then Landlord or Tenant shall have the right, by giving notice to the other not later than thirty (30) days after the occurrence of such damage, to terminate this Lease. If either Landlord or Tenant shall give notice of termination pursuant to this Section, the Lease Term shall expire by lapse of time upon the date which is thirty (30) days after such notice is given and Tenant shall vacate the Premises and surrender the same to Landlord. Upon the termination of this Lease under the conditions provided for in this Section, Tenant’s liability for rent shall cease as of the date of such termination, subject, however, to abatement thereof between the date of such casualty and the date of such termination pursuant to Section 12.3 below. Tenant hereby expressly waives the provisions of Section 227 of the Real Property Law or any like law which may hereafter be enacted and agrees that the foregoing provisions of this Article shall govern and control in lieu thereof, this Article being an express agreement governing any case of damage or destruction of the Premises by fire or other casualty.

Right to Terminate Lease. Tenant shall give immediate prompt notice to Landlord in case of fire or other casualty in the Premises. In the event of substantial damage to either the Building or Premises, or both, due to a fire or other casualty, Landlord shall deliver to Tenant within sixty (60) days after the occurrence of the casualty a statement prepared by a licensed professional engineer selected by Landlord (who shall be reasonably satisfactory to Tenant) setting forth such engineer’s estimates of the time required for repair or restoration of both Landlord’s Restoration Work (“Landlord’s Restoration Work Schedule”) and Tenant’s Restoration Work (“Tenant’s Restoration Work Schedule,” and collectively, the “Restoration Work Schedules”) in accordance with a normal construction schedule (i.e. a schedule that does not give effect to savings in time that might be achieved by overtime, weekend work, premium pay, etc.). If (a) so much of the Building is damaged or rendered untenantable (whether or not the Premises or a portion thereof shall be damaged) by fire or other cause casualty so that Landlord shall determine the Restoration Work Schedules show that such portion of the Building cannot be reasonably expected to restore be restored or rendered tenantable under a normal working schedule within a period of eighteen (18) months after the same occurrence of such damage or to demolish the remainder thereofdestruction; or (b) if the Premises shall suffer damage or be rendered untenantable by fire or other casualty and Landlord shall determine (i) the Restoration Work Schedules show that such portion of the Premises cannot be reasonably expected to be restored or rendered tenantable under a normal working schedule within a period of eighteen (18) months after the occurrence of such damage or destruction or (ii) that each Overlandlord and Mortgagee will not permit Landlord to apply the net proceeds of Landlord’s insurance to the restoration of the Building or the Premisesdestruction, then and in any such event Landlord shall have the right to terminate this Lease by notice to Tenant given within ninety sixty (9060) days of receipt of the occurrence of Restoration Work Schedules following such fire or other casualty. If either (y) the Premises shall be totally or substantially damaged or rendered wholly or substantially untenantable (whether or not any other portions of the Building shall be damaged) and the Restoration Work Schedules show that such portion of the Premises cannot be reasonably expected to be restored or rendered tenantable under a normal working schedule within a period of eighteen (18) months after the occurrence of such damage or destruction, or (z) the Building shall be substantially damaged, so that Tenant’s access to and use and enjoyment of the Premises shall be rendered substantially impossible, whether or not the Premises shall be damaged, and in case of either (y) or (z) Landlord determines that then Tenant shall have the same cannot reasonably be expected right to be restored or rendered tenantable under a normal working schedule within a period of eighteen (18) months after the occurrence of such damage or destruction, then Landlord shall promptly notify Tenant of such fact, and within thirty (30) days thereafter either Landlord or Tenant may terminate this Lease by notice to Landlord given within sixty (60) days of the other partyreceipt of the Restoration Work Schedules. If during the last year three (3) years of the Lease Term Term, the Building or the Premises shall be damaged by fire or casualty, and if such fire or casualty damage, whether to the Premises or the Building, both Landlord’s Restoration Work and Tenant’s Restoration Work cannot reasonably be expected to be repaired or restored within one hundred eighty nine (1809) days months from the time that repair or restoration work would commence or prior to the Expiration Date, whichever first occurs, then Landlord or Tenant shall have the right, by giving notice to the other not later than thirty (30) days after receipt of the Restoration Work Schedules the occurrence of such damage, to terminate this Lease. Notwithstanding the foregoing, Tenant shall not have the right to elect to terminate this Lease if such casualty occurs as a result of Tenant’s gross negligence or willful misconduct. If either Landlord or Tenant shall give notice of termination pursuant to this Section, the Lease Term shall expire by lapse of time upon the date which is thirty (30) days after such notice is given and Tenant shall vacate the Premises and surrender the same to Landlord. Notwithstanding the foregoing, if such termination by Landlord is to occur prior to the expiration of the last day for Tenant to give notice of its election to extend the Lease Term in accordance with Article 21 of this Lease, Tenant shall have the right, upon notice given not later than ten (10) days after notice of termination by Landlord, to negate any such termination election by Landlord by giving Landlord notice (i) that Tenant elects to negate such termination, and (ii) that Tenant elects to extend the Lease Term in accordance with Article 21 of this Lease. It is understood that Tenant’s time period within which to elect to extend the Lease Term pursuant to Article 21 shall not be altered or modified by this election. Upon the termination of this Lease under the conditions provided for in this Section, Tenant’s liability for rent shall cease as of the date of such termination, subject, however, to abatement thereof between the date of such casualty and the date of such termination pursuant to Section 12.3 below. Tenant hereby expressly waives the provisions of Section 227 of the Real Property Law or any like law which may hereafter be enacted and agrees that the foregoing provisions of this Article shall govern and control in lieu thereof, this Article being an express agreement governing any case of damage or destruction of the Premises by fire or other casualty.

Right to Terminate Lease. Tenant shall give immediate prompt notice to Landlord in case of fire or other casualty in the Premises. In the event of substantial damage to either the Building or Premises, or both, due to a fire or other casualty, Landlord shall deliver to Tenant within sixty (60) days after the occurrence of the casualty a statement prepared by a licensed professional engineer selected by Landlord (who shall be reasonably satisfactory to Tenant) setting forth such engineer's estimates of the time required for repair or restoration of both Landlord's Restoration Work ("Landlord's Restoration Work Schedule") and Tenant's Restoration Work ("Tenant's Restoration Work Schedule," and collectively, the "Restoration Work Schedules") in accordance with a normal construction schedule (i.e. a schedule that does not give effect to savings in time that might be achieved by overtime, weekend work, premium pay, etc.). If (a) so much of the Building is damaged or rendered untenantable (whether or not the Premises or a portion thereof shall be damaged) by fire or other cause casualty so that Landlord shall determine the Restoration Work Schedules show that such portion of the Building cannot be reasonably expected to restore be restored or rendered tenantable under a normal working schedule within a period of eighteen (18) months after the same occurrence of such damage or to demolish the remainder thereofdestruction; or (b) if the Premises shall suffer damage or be rendered untenantable by fire or other casualty and Landlord shall determine (i) the Restoration Work Schedules show that such portion of the Premises cannot be reasonably expected to be restored or rendered tenantable under a normal working schedule within a period of eighteen (18) months after the occurrence of such damage or destruction or (ii) that each Overlandlord and Mortgagee will not permit Landlord to apply the net proceeds of Landlord’s insurance to the restoration of the Building or the Premisesdestruction, then and in any such event Landlord shall have the right to terminate this Lease by notice to Tenant given within ninety sixty (9060) days of receipt of the occurrence of Restoration Work Schedules following such fire or other casualty. If either (y) the Premises shall be totally or substantially damaged or rendered wholly or substantially untenantable (whether or not any other portions of the Building shall be damaged) or (z) and the Building shall be substantially damaged, so Restoration Work Schedules show that Tenant’s access to and use and enjoyment such portion of the Premises shall be rendered substantially impossible, whether or not the Premises shall be damaged, and in case of either (y) or (z) Landlord determines that the same cannot be reasonably be expected to be restored or rendered tenantable under a normal working schedule within a period of eighteen (18) months after the occurrence of such damage or destruction, or (z) the Building shall be substantially damaged, so that Tenant's access to and use and enjoyment of the Premises shall be rendered substantially impossible, whether or not the Premises shall be damaged, then Landlord Tenant shall promptly notify Tenant of such fact, and within thirty (30) days thereafter either Landlord or Tenant may have the right to terminate this Lease by notice to Landlord given within sixty (60) days of the other partyreceipt of the Restoration Work Schedules. If during the last year three (3) years of the Lease Term Term, the Building or the Premises shall be damaged by fire or casualty, and if such fire or casualty damage, whether to the Premises or the Building, both Landlord's Restoration Work and Tenant's Restoration Work cannot reasonably be expected to be repaired or restored within one hundred eighty nine (1809) days months from the time that repair or restoration work would commence or prior to the Expiration Date, whichever first occurs, then Landlord or Tenant shall have the right, by giving notice to the other not later than thirty (30) days after receipt of the Restoration Work Schedules the occurrence of such damage, to terminate this Lease. Notwithstanding the foregoing, Tenant shall not have the right to elect to terminate this Lease if such casualty occurs as a result of Tenant's gross negligence or willful misconduct. If either Landlord or Tenant shall give notice of termination pursuant to this Section, the Lease Term shall expire by lapse of time upon the date which is thirty (30) days after such notice is given and Tenant shall vacate the Premises and surrender the same to Landlord. Notwithstanding the foregoing, if such termination by Landlord is to occur prior to the expiration of the last day for Tenant to give notice of its election to extend the Lease Term in accordance with Article 21 of this Lease, Tenant shall have the right, upon notice given not later than ten (10) days after notice of termination by Landlord, to negate any such termination election by Landlord by giving Landlord notice (i) that Tenant elects to negate such termination, and (ii) that Tenant elects to extend the Lease Term in accordance with Article 21 of this Lease. It is understood that Tenant's time period within which to elect to extend the Lease Term pursuant to Article 21 shall not be altered or modified by this election. Upon the termination of this Lease under the conditions provided for in this Section, Tenant’s 's liability for rent shall cease as of the date of such termination, subject, however, to abatement thereof between the date of such casualty and the date of such termination pursuant to Section 12.3 below. Tenant hereby expressly waives the provisions of Section 227 of the Real Property Law or any like law which may hereafter be enacted and agrees that the foregoing provisions of this Article shall govern and control in lieu thereof, this Article being an express agreement governing any case of damage or destruction of the Premises by fire or other casualty.